Good morning, how to get along with parabanks? can you spread parabanks in installments? I got looped in payday loans. There was a time when I was able to pay back, but the debt increased to enormous proportions.
I made the biggest mistake possible, that is, I took a loan to pay off other loans.
It started with small sums, and now it is almost 100 thousand dollars. with loans from normal banks. I am a mother raising two daughters alone. The father of the children did not pay child support for several years, hence my attempts to deal with finances with loans.
Recently, due to random reasons, I changed jobs. I have a much lower salary and I lost liquidity. I’m starting to have a few payday loans after the deadline. I don’t want to take new ones to pay back. I want to get along, but I don’t know how to negotiate debts. I’m a bundle of nerves. I want to pay off debts. I rent a flat and I try to pay the cartoons on a regular basis.
How to get along with parabanks?
I think that you have got into unpaid alimony in real financial trouble. I hope that now the maintenance payments affect your account on time. For those who have a problem with the enforcement of maintenance, I have prepared a guide: 11 ways to recover outstanding maintenance. It is worth reading this guide.
I took a loan to pay off other loans
This is the biggest and also the most common mistake that debtors make. Patching holes with money that you will have to give away any day is not a solution, ie it is temporary.
You fell into a debt loop and then your debts accumulate and grow rapidly.
Loans for paying debts – for a long period
There are such loans, but they are not for you and not with these debts. Realize that you can’t borrow any more, any credit or loan, you can’t increase your debt even more! I think you should talk to loan companies where you start to have delays and ask for spreading payday loans into more installments, be sure to read the guide: how to split payday loans in installments, and: a guide on how to negotiate debt with creditors ! After this reading, you should know how to go about it all.
The next step to getting out of debt should be finding a new, better-paid job. In the meantime, you can look for extra work or ask the boss for overtime or a pay rise. Without increasing your income, nothing can be conjured up in your situation, getting out of debt is pure mathematics. no emotions. At all costs, try to prevent loan companies from sending reminders, they are very expensive and with a few, as you mentioned late payday, you will feel the cost of these prompts quite strongly.
Also, do not allow debt recovery, because these will be additional costs that you will have to cover again. As I wrote, negotiate with loan companies, break down what you can into smaller installments and find a new, better source of income – then I see a chance to get out of debt .